UPDATE: Jefferies Lowers Price Target On OMNOVA To $7

According to Jefferies, OMNOVA OMN has flagged a combination of decelerating end markets and raw material pressures in 2HFY11. Jefferies said that it is lowering 2011E again, this time by $0.20 to $0.40, and 2012E $0.25 to $0.60. “We are also lowering our price target $2 to $7 (from $9), 6x 2012E EBITDA.” OMNOVA closed yesterday at $4.90.